Abstract
Multiple studies have tried to examine the level of financial literacy in India. Most of them conclude that financial literacy in the country is lacking. However, due to India's diverse cultural and socio-economic landscape, forming a unified assessment of its financial literacy level is challenging. Conducting a comprehensive nationwide study on financial literacy and its related aspects could provide a deeper understanding, aiding in the formulation of effective policies. This paper conceptualizes various facets concerning financial literacy, encompassing its origins, definition, financial literacy in India, and the role of India's National Centre for Financial Education and various initiatives taken by NCFE. It also discusses financial literacy in India as compared to its neighbouring countries. When examining the financial literacy of adults in neighbouring countries of India, the study reveals that India surpasses Bangladesh, Nepal, and Afghanistan, but falls behind Bhutan, Myanmar, Sri Lanka, China, and Pakistan. Financial literacy levels vary significantly among the states of India. Goa, Chandigarh, and Delhi are the most financially literate states, while Odisha, Sikkim, and Chhattisgarh are the least financially literate states.
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